Governance and Controls
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Governance and Controls

Representative Engagements

In the wake of recent financial crises, investors and regulators have heightened their focus on the performance role of boards of directors. Increasingly, formal agreements with regulators require independent consultants to review institutions’ management and governance structures. Directors are expected to have in-depth knowledge of the business and to be hands-on, setting strategic direction and monitoring and evaluating operations and management.


Promontory has worked extensively with financial institutions around the world to enhance corporate governance structures and processes, both in specific areas and more broadly across the corporation. Promontory assesses the effectiveness of accounting, financial reporting, and internal control systems to ensure that significant issues and key risks reach senior management and the board in a timely fashion and are appropriately addressed. This entails evaluation of how well institutions identify, measure, mitigate, and report risks—and of how well they escalate and deal with issues.

We conduct independent assessments of board effectiveness and assist boards in conducting their own self-assessments. Evaluating the organizational structure, practices, relevant expertise, and the content of board reporting enables us to provide clients with specific, actionable recommendations to meet applicable standards and improve governance practices for risk management, financial and regulatory reporting, compensation, and audit-related issues.

Our engagements encompass the following areas:

  • Evaluation – benchmarking current practices against regulatory expectations and leading industry practices
  • Recommendation – developing detailed suggestions to enhance practices and address identified gaps
  • Implementation – assisting management in designing and executing action plans to give effect to recommendations and
  • Validation – determining that the recommended enhancements have been successfully implemented and are effective, meaningful, and sustainable

Promontory’s Governance and Controls services fall into four broad areas:

Representative Engagements

  • When a large, international financial services company needed help resolving problems with Bank Secrecy Act, “Know Your Customer” and anti-money-laundering compliance, it called on Promontory. We conducted a review of their governance systems and helped the company manage difficult relations with its regulators while maintaining a dynamic business. Our work was well received by the regulators, ensuring no interruptions to the company’s banking business. 
  • A large financial institution faced the challenge of streamlining more than 700 existing enterprise-wide policies into a single coherent framework and governance system. Promontory created an enterprise-wide policy architecture for the company. Our work entailed developing a taxonomy of policies and a template for enterprise-wide policy, cultivating executive-level support for change, and piloting the changes in a number of specific policy areas and business lines. 
  • When the corporate governance division of a large Asian financial institution needed to enhance its governance structures for its US operations, Promontory  helped the organization come up with a three-part enhancement plan to upgrade its governance structures: including (1) establishing an enhanced committee structure, (2) bolstering risk reporting to encompass all US affiliates, and (3) improving the logistical infrastructure within the organization. 

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